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PARTNERS
WEDNESDAY 8TH JUNE 2011
Give us a break,
business asks
Treasurer
KEVIN NAUGHTON
SOUTH Australia’s small
business sector needs this
week’s State Budget to include
significant cuts to payroll tax to
offset the impact of inevitable
interest rate rises,...
Read more
BUSINESS
Markets nervous as US recovery stalls
REUTERS
US stocks extended a losing
streak for a fifth day on
mounting concerns about
the economy after bearish
comments from Federal Reserve
chairman Ben Bernanke.
The market, which started off
on a positive note after the S&P
500 hit a two-month low in
the previous session, reversed
course to turn negative after Mr
Bernanke started speaking.
He acknowledged a slowdown in
the economy, but offered no suggestion the central bank is considering
any further monetary stimulus to support growth.
Bernanke also issued a stern warning to lawmakers in Washington who
are considering aggressive budget cuts, saying they have the potential to
derail the economic recovery.
“It’s not like the market was expecting a positive comment from him, but
not quite this negative, either. But I think the impact would be limited. I
don’t see this carrying over to tomorrow’s market,” managing director at
Wedbush Morgan in San Francisco Stephen Massocca said.
Mr Bernanke indicated the latest bout of weakness probably would not
last very long and should give way to some growth in the ... Read more
Penrice eyes coal seam gas
industry
PENRICE shares rose
sharply yesterday off
the back of news the
company had signed a
deal to diversify into the
coal seam gas industry.
The deal follows
lodgement of a patent
application over
technology it developed
to clean water used
in coal seam gas
extraction.
Shares in the chemicals
manufacturer jumped
from a recent low of 14c to 20c before settling back to
17c at the close of trade.
The shares had fallen steadily over the last nine months
from 44c.
The company announced to the stock exchange a
consortium agreement with the water and process
technologies business of GE Power & Water to provide
the Coal Seam Gas (CSG) industry in Australia with a
complete brine removal mechanism for its associated
water. Read more
DAILY
MARKET REPORT
Virgin outflanks Qantas in
corporate travellers battle
REUTERS/AAP
Singapore Airlines and Virgin Australia have signed a long-term partnership deal
which will allow the two airlines to codeshare on each other’s international and
domestic flights.
The agreement will allow Singapore Airlines customers access to Virgin
Australia’s domestic network with just one ticket, while Virgin Australia Velocity
Gold members and Singapore Airlines KrisFlyer Gold members will have access to
each airline’s airport lounges. Read more
Singapore Airlines CEO Goh Choon Phong (L) and Virgin Australia CEO John Borghetti (R) at
the signing of agreement in Singapore
Ben Bernanke speaks to global bankers at
the International Monetary Conference in
Atlanta, Georgia last night
Penrice CEO Guy Roberts
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